Final Results

Numis Corporation PLC
11 December 2002



             Embargoed for release 7 am Wednesday 11 December 2002

                             Numis Corporation Plc

            Final results for the 12 months ended 30 September 2002



Numis Corporation Plc ('Numis'), today, announces its final results for the 12
months ended 30 September 2002.  Numis is the holding company of Numis
Securities Limited, a specialist investment banking business.



  • Profits before tax £7.2m (2001: £0.3m)

  • Profits before tax and exceptionals £6.1m (2001: £1.0m)

  • EPS on the same basis 28.3p (2001: 4.8p)

  • Dividend per share up 32% to 5.6p (2001: 4.25p)

  • Cash resources £13.6m (2001: £5.4m)



Chief Executive's comments

Oliver Hemsley said:



'We are pleased with the performance of the Group during its second full
financial year of operation as Numis Corporation, particularly within the
context of the difficult market conditions experienced throughout the year.



The new financial year has started satisfactorily and our business is well
positioned to take advantage of any improvement in the UK equity markets. We are
confident that we can continue to develop a successful specialist institutional
stockbroking and investment banking business.'



For further information, please contact:



Oliver Hemsley          Chief Executive, Numis Corporation Plc    020 7776 1500
Duncan Sweetland        Finance Director, Numis Corporation Plc


Chairman's and Chief Executive's Statement



Results



We are pleased to report that the Group's profit before tax and exceptional
items for the year ended 30 September 2002 was £6.1m (compared with £1.0m for
the previous year on the same basis).  After an exceptional profit of £1.05m
from the sale of part of our shareholding in London Stock Exchange Plc, the
Group's profit before tax was £7.2m (2001: £0.3m)  Basic earnings per share,
excluding the exceptional item, were 28.3p (2001: 4.8p).  Market conditions
remained challenging throughout the year.



Dividend and scrip alternative



The board recommends payment of a dividend of 5.6p per share (2001: 4.25p)
representing a 32% increase on the previous year. The dividend will be payable
on 14 February 2003, to all shareholders on the register on 20 December 2002. It
is proposed to offer shareholders the option to receive shares instead of a cash
dividend (a 'scrip alternative') for the first time.  The details of this will
be explained in a circular to accompany our Annual Report.  Both the payment of
the dividend and scrip alternative are subject to shareholders' approval at our
Annual General Meeting on 6 February 2003.



Corporate finance



This has been a year of significant progress and we have raised over £300m in
equity and convertible equity for corporate clients during the year. This was a
creditable achievement given the poor market conditions in the UK.



Numis is a recognised specialist in a number of sectors and this has been
reflected in our growing list of corporate relationships.



Research, sales and trading



Despite difficult market conditions, commissions from our secondary market
activities more than doubled during the period. This was driven by increased
turnover in our main sectors of financials and insurance, retail and consumer,
media and support services.  More recently we have added high-tech engineering,
mining and life sciences to our specialist sectors through the recruitment of
first class analysts.



Our market making division has performed well and now makes markets in more than
130 stocks.  We envisage that this will increase commensurate with the increase
in our sector coverage.





Financial resources



Cash resources at 30 September 2002 were £13.6m (2001: £5.4m, including a near
cash investment of £5.3m) and we continue to hold 265,000 shares in the London
Stock Exchange Plc which remain in our books at nil cost.  Since the year end,
our cash resources have increased to just over £17m.
Shareholder base



We have created an 'owner manager' culture where the majority of our staff are
shareholders.  This aligns the interests of employees with external shareholders
and creates stability that is vital for success in a people business. We
continue to seek high quality individuals and teams who can demonstrate an
entrepreneurial spirit and help to build a successful business for the future.





Outlook



UK equity markets remain fragile but we have had a most encouraging start to the
current year.  However, we continue to take a cautious view of equity markets
and are planning our business accordingly.  Weak equity markets provide an
opportunity to develop the firm and we intend to invest further to achieve this.




David Craig                      Oliver Hemsley
Chairman                         Chief Executive
11 December 2002

Consolidated profit and loss account
For the year ended 30 September 2002


                                                                                                                
                                                                   2002          2001          2001          2001
                                                                      £             £             £             £
                                                              Unaudited       Audited       Audited       Audited
                                                                             Ordinary   Exceptional         Total
                                                                           Activities         Items              

        TURNOVER                                             17,413,364     6,560,086        48,000     6,608,086

        GROSS PROFIT                                         17,413,364     6,560,086        48,000     6,608,086

        Administrative expenses                             (11,987,343)   (6,112,422)   (1,553,500)   (7,665,922)

        OPERATING PROFIT/(LOSS)                               5,426,021       447,664    (1,505,500)   (1,057,836)
        Share of associated undertaking's profit/(loss)         341,314       (43,474)            -       (43,474)
                                                                                                      
        Exceptional items                                                                                        
        - profit on disposal of tangible fixed assets                 -             -       761,086       761,086
        - profit on disposal of fixed asset investments       1,055,654             -     1,504,560     1,504,560

        PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST                                                            
        AND AMOUNTS WRITTEN OFF INVESTMENTS                   6,822,989       404,190       760,146     1,164,336

        Interest receivable and similar income                  469,426       604,119             -       604,119
        Amounts written off investments                        (114,489)            -    (1,460,614)   (1,460,614)
        Interest payable and similar charges                       (854)       (1,437)            -        (1,437)

        PROFIT/(LOSS) ON ORDINARY ACTIVITIES                                                                     
        BEFORE TAXATION                                        7,177,072     1,006,872     (700,468)      306,404     
        Tax on profit on ordinary activities                  (2,198,212)     (286,168)     200,694       (85,474)    

        PROFIT/(LOSS) ON ORDINARY ACTIVITIES                                                                     
        AFTER TAXATION                                         4,978,860       720,704     (499,774)      220,930
        Dividends paid and proposed                             (860,739)     (652,260)           -      (652,260)

        RETAINED PROFIT/(LOSS) FOR THE YEAR                    4,118,121        68,444     (499,774)     (431,330)

        Earnings per share                                         33.2p                                      1.4p
        Basic                                                                                                    
        Diluted                                                    28.9p                                      1.3p
                                                                                    
        Earnings per share, excluding exceptional items 
        Basic                                                      28.3p                                      4.8p
        Diluted                                                    24.6p                                      4.3p


Consolidated balance sheet     
At 30 September 2002

                                                      2002                 2001
                                                 Unaudited              Audited
                                                         £                    £
FIXED ASSETS 
Tangible fixed assets                             1,078,992             614,245
Fixed asset investments                           1,209,277             773,715
Investment in associated undertaking                480,616             241,696

                                                  2,768,885           1,629,656                                         
 
CURRENT ASSETS 
Debtors                                          18,533,150          19,850,956
Investments                                         960,588           7,604,284
Cash at bank and in hand                         13,586,063              97,437

                                                 33,079,801          27,552,677

CREDITORS 
Amounts falling due within one year             (19,266,829)        (16,823,680)

NET CURRENT ASSETS                               13,812,972          10,728,997
                           
NET ASSETS                                       16,581,857          12,358,653

CAPITAL AND RESERVES 
Share capital                                     3,842,583           3,818,000
Share premium account                             3,356,425           3,275,925
Profit and loss account                           9,382,849           5,264,728

SHAREHOLDERS' FUNDS                              16,581,857          12,358,653 




Consolidated cash flow statement 
For the year ended 30 September 2002

                                                       2002                2001
                                                  Unaudited             Audited
                                                          £                   £

Net cash inflow/(outflow) from 
operating activities                             14,573,270          (2,921,205) 

Returns on investments and servicing 
of finance
Interest received                                   452,167             549,630
Interest paid                                          (854)             (1,437)
Dividends received                                   17,259              54,489
                     
Net cash inflow from returns on 
investments and servicing of finance                468,572             602,682

Taxation 
Corporation tax paid                               (822,884)         (1,667,354)

Capital expenditure and financial investment 
Purchase of tangible fixed assets                  (807,662)           (676,778)
Purchase of fixed asset investments                (771,852)           (587,648)
Sale of tangible fixed assets                       140,705             126,867
Sale of fixed asset investments                   1,252,454           1,504,560
                       
Net cash (outflow)/inflow from investing activities     
from capital expenditure and financial investment  (186,355)            367,001

Equity dividends paid                              (649,060)           (602,880) 

Financing 
Issue of ordinary shares                            105,083             294,500

Increase/(decrease) in cash in the year          13,488,626          (3,927,256) 
                                 
Reconciliation of net cash flow
to movement in net funds
Increase/(decrease) in cash
balances in the year                             13,488,626          (3,927,256)
Net funds at the beginning of the year               97,437           4,024,693

Net funds at the end of the year                 13,586,063              97,437
                     

NOTES:

1.   Exceptional item
          
     The profit on disposal of fixed asset investment of £1,055,654 relates to 
     the sale of 260,000 London Stock Exchange plc shares.  We continue to hold 
     265,000 London Stock Exchange plc shares in our books at nil cost.


2.   Administrative expenses

     Administrative expenses include incentive payments of £3.0m (2001: £nil) 
     for the year ended 30 September 2002.


3.   Earnings per share

     Basic earnings per share is based on profit on ordinary activities before
     exceptional items and after taxation of £4,978,860 (2001:£220,930) that has 
     been adjusted to £4,969,637  (2001: £212,250) to remove dividends from 
     shares held in the Employee Share Option Plan ('ESOP'). Diluted earnings 
     per share assumes that options outstanding at the end of the financial year 
     were exercised at the beginning of the financial year, where the exercise 
     price per share is less than the fair value of the share in the period.


4.   Earnings per share excluding the exceptional items

     Basic earnings per share is based on profit on ordinary activities after
     taxation of £4,239,902 (2001:£720,704) that has been adjusted to £4,230,679
     (2001:£712,024) to remove the exceptional items and dividends from shares 
     held in the ESOP. Diluted earnings per share assumes that options 
     outstanding at the end of the financial year were exercised at the 
     beginning of the financial year, where the exercise price is less than the 
     fair value of the price of the share in the period.


                                                                   2002                         2001
                                                                 Number                       Number

Weighted average number of ordinary                          14,962,639                   14,932,500
shares in issue during the year-basic
Effect of options over ordinary shares                        2,218,616                    1,747,349

Diluted number of ordinary shares                            17,181,255                   16,679,849



5.   Dividend
     
     A dividend of 5.6p (2001: 4.25p) per ordinary share has been proposed.  
     This is payable on 14 February 2003 subject to shareholders' approval on 6 
     February 2003 to all shareholders on the register on 20 December 2002.


6.   Cash at bank and in hand

     The Group's cash at bank and in hand at 30 September 2002 was £13,586,063.  
     The Group's cash at bank and in hand at 30 September 2001 of £97,437 
     excluded £5,288,645 of funds held in an RBS International money market 
     fund, that was available at one day's notice and included within the 
     investments caption of the balance sheet.


7.   Statutory accounts

     This preliminary announcement of results does not constitute statutory 
     accounts for the year. Statutory accounts for the year are still to be
     audited and filed with the Registrar of Companies. It is expected that 
     these will be available on or about 7 January 2003.  The results for the 
     year ended 30 September 2001 are an abridged version of the Group's 
     statutory accounts for that year which received an unqualified auditor's 
     report and have been filed with the Registrar of Companies.


8.   Further copies

     A copy of the audited Report and Accounts and the circular explaining the 
     payment of the dividend and scrip alternative is to be sent to all 
     shareholders on or about 7 January 2003.  Copies of this announcement are
     available free of charge for one month from:


     The Company Secretary
     Numis Corporation Plc
     Cheapside House
     138 Cheapside
     London EC2V 6LH



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